Govt intensifies efforts for financial inclusion

Government has announced move to improve financial inclusion among people living in rural areas of the country.

The move is targeted at improving access to finance among rural people to over 70 percent in the medium term.

Speaking at the 4th Life Insurance Conference organized by the Ghana Insurers Association(GIA), a Deputy Minister for Finance, Abena Osei Asare stated that government has already contacted some development partners on the move.

“Government in collaboration with development partners is developing a national financial inclusion strategy aimed at increasing access to formal financial services for adult population from the current 58 percent to 75 percent by 2023, she said”.

She explained that “given the diverse nature of financial services, the strategy will focus on highly excluded groups including rural residence, women, youth and the poorest sector of the population”.

Mrs. Asare stated that the move will be driven by technology to ensure optimum output.

“In fact the financial inclusion strategy will serve as a key driver to the development of an ecosystem of financial service providers and the use of technologically driven delivery channels that will serve consumers better,” she said.

“The implementation of the strategy will also address major challenges that inhibit financial inclusion such as low access to credit, low savings culture, financial illiteracy and financial instability,” she added.